This is part of the broader company health benefits plan that provides coverage up to a lifetime limit of about $50,000 per employee and their dependents. The company stated that that it was looking to support trans people on their own personal gender affirmation journey.
“So, we obviously talked to our providers who were extremely helpful in this and decided that there’s no point waiting for this — now is the right time to do it,” said Cole-Morgan, adding that the reaction has been overwhelmingly positive from both within and outside of the company.While traditionally viewed as conservative organizations, other major Canadian financial services employers have opened their benefits to a more inclusionary approach: Starting this year, Manulife Financial Corp.
Other banks, like TD Bank Group, CIBC, and Bank of Montreal have added gender reassignment to their general medical benefits plans for employees as well. TD was the first Canadian bank offering gender affirmation benefits, introducing them in regular medical coverage in 2008. Sun Life Financial Inc. extended its own health coverage for transitioning clients in 2019. The new plan added to the core benefits that paid for basic surgical procedures not covered by provincial or territorial plans, and now covers the costs of procedures that align feminine or masculine features to the gender the client is transitioning to.